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Securing your Projects & Future Profits

Contractor Plant and Machinery Insurance

Features & Benefits

  • Requirements

    The construction business, responsible for constructing buildings, roads, factories and bridges, is what drives an economy forward. Those in this business make use of heavy machinery and equipment to undertake a multitude of construction jobs. If anything was to happen to this equipment and machinery, the work would suffer, causing inconvenience all around. The Contractor’s Plant and Machinery Insurance provides cover for such associated exigencies.

  • Benefits

    The Contractor’s Plant and Machinery Policy covers all your primarily movable plant equipment and machinery against damage or loss in case of an accident. Machines such as bulldozers, cranes, and excavators etc. come under the policy and are offered repair or replacement in case of damage, so one can resume work as soon as possible.

  • Sum Insured

    The sum insured under the policy shall be equal to the replacement cost of each item damaged, considering the replacement is done by a new item of the same kind, size and capacity. It should also include the freight costs, cost of erection, customs duty and any other charges involved.

  • Premium

    The premium to be paid for the policy may differ in each case, depending on several factors such as the type of equipment, location(s), risk involved and the use of equipment.

Coverage

Anyone who owns movable construction machinery or is a contractor, bank or financial institution with interest in such machinery, can make use of this policy.

To know more about the eligibility, inclusions and exclusions, please read the policy wordings.​​

Our Contractor Plant and Machinery Insurance policy will protect you against any unexpected physical loss or sudden damage caused to your machinery. The coverage will be in effect even when the machinery would be working or at rest or even when being dismantled for overhauling or cleaning and during subsequent re-erection.

If you pay an additional premium, the policy can be extended to cover damages caused due to or in situations listed below:

  • Express freight, overtime and holiday rates of wages
  • Air freight
  • Your surrounding property
  • Clearance and removal of debris
  • Additional customs duty
  • Escalation
  • Third party liability
  • Earthquake
  • Act of terrorism

The following are 'named excluded perils' under the Contractor Plant and Machinery Insurance policy, which are the specific risks not covered by the policy.

  • Contractual liability or manufacturer’s guarantee
  • War, warlike operations and nuclear perils
  • Damage to exchangeable tools or parts
  • Any fault or defect existing at the time the policy commences
  • Loss or damage due to explosion of any boiler or pressure vessel, subject to internal steam or fluid pressure, or of any internal combustion engine
  • Loss or damage due to abandonment of any plant and/or machinery working in underground mines or tunnels
  • Loss or damage discovered only at the time of taking an inventory
  • Public liability while the plant and machinery are on public roads
  • Loss or damage while in transit from one location to another
  • Loss or damage due to total or partial immersion in tidal waters
  • Gross negligence
  • Damage due to wear and tear, corrosion, rust, etc.
  • Terrorism, unless specifically covered

Why Commercial Insurance

Listen to Our Customers

The Client has highly appreciated the inputs and report from Mr. Sudhanshu.
Its because of him we were able to convince the client to move to Liberty along with local sales support.​

Rohit Kapoor

We find the report is very exhaustive in bringing out the risk exposures and the works the client has to carry out for risk elimination. Surely the client will be benefited by the suggestions you have put forth.​

Gurudutt

The contents of your newsletter are quite interesting and informative.

This will help in creating awareness in the industry about the loss prevention and good maintenance.

Thanks for the good work you are doing.​

M.Rajaram

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Registration Number: 150 | ARN- ADVT/2017/May/22 | CIN: U66000MH2010PLC209656

© 2017 Liberty Videocon General Insurance Co. Ltd.

Reg Office: 10th floor, Tower A, Penisuala Business Park, Ganpat Rao Kadam Marg, Lower Parel, Mumbai - 400013

Trade Logo displayed above belongs to Liberty Mutual and used by the Liberty Videocon General Insurance Company Limited under license. For more details on risk factors, terms & conditions please read sales brochure carefully before concluding a sale.